Magda Wierzycka, the founder and CEO of Sygnia, has returned to South Africa after living in London for seven years. She cited UK tax reforms and promising business opportunities as key reasons for her move.
Wierzycka confirmed her return in her CEO report for the 2025 financial year, highlighting Sygnia’s strong growth. Founded in 2006 with R2 billion in assets, Sygnia now manages over R460 billion, cementing its position as one of the country’s largest investment firms.
In 2017, Wierzycka moved to London after facing safety concerns for exposing the Gupta family’s influence over the South African government and the scale of State Capture. While in the UK, she continued leading Sygnia as co-CEO and launched private equity firm Braavos Investment Advisers. She currently owns around 90 million Sygnia shares, over half the company’s issued shares, valued at R4.61 billion on the JSE.
“The changes in UK tax policy forced many wealthy individuals to leave, and they’re unlikely to return,” Wierzycka said. “It’s not just about the people who have gone. It’s about the wealth that will never be created in the UK again.”
Inheritance Tax Drives Return
Wierzycka pointed out that inheritance tax changes in the UK were her biggest concern. “The 40% inheritance tax would severely reduce the wealth I can pass to my children,” she explained. In contrast, South Africa’s inheritance tax stands at 20%, preserving hundreds of millions in potential wealth for her family.
Beyond tax, Wierzycka also sought closer control over Sygnia. “I wanted to take stronger leadership of the company and explore its full potential,” she said. South Africa’s improving economic landscape further motivated her return, providing more opportunities for business expansion.
“I have lived abroad and experienced life overseas. Now I’m happy to come back to the country I consider home, where my parents still live,” Wierzycka added. She also cited the UK’s gloomy weather as a factor in her decision.
Government Welcomes Rainmaker
Wierzycka revealed she received a personal message from Edward Kieswetter, welcoming her back. This gesture signals a potential shift in government appreciation for high-net-worth individuals, who play a critical role in tax revenue and job creation.
South Africa’s personal income tax base is highly concentrated: just 2.4% of taxpayers contribute 77% of total income tax, amounting to R562 billion annually. Wierzycka’s return reinforces the importance of attracting and retaining these “rainmakers” to fuel economic growth.
By coming back home, Wierzycka not only secures her family’s wealth but also positions herself to drive Sygnia’s growth and contribute to South Africa’s business ecosystem.
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